Economic activity in the manufacturing sector grew in July for the 14th consecutive month, while the overall economy grew for the 33rd consecutive month, according to the latest survey of purchasing managers by the Institute for Supply Management (ISM), Tempe, Ariz. ISM’s Purchasing Managers Index is 62 percent in July, an increase of 0.9 percentage point when compared to 61.1 percent in June.

“The manufacturing sector continues to grow at a rapid rate as the PMI has now been above 60 percent for nine consecutive months. This is the longest period of growth above 60 percent since the 12-month period of July 1972 through June 1973, when the index was over 60 percent each month and reached a high of 72.1 percent in January 1973. The growth of new orders and production accelerated during the month, adding strength to the index. Employment grew at a slower rate, while the Inventories Index declined,” said Norbert J. Ore, chair of the Institute for Supply Management Manufacturing Business Survey Committee and group director, strategic sourcing and procurement, Georgia Pacific Corp.

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